opinions on this bungalow

dopester

motherofstudents wrote: »

Sorry, dopester I didn't answer your questions, I was a bit shocked by what EA had said. Girlfriend works in a financial institution which is as secure as anyone can be these days. Son is chartered commercial building surveyor so he will hopefully treble his income over few years. Of course no one has a crystal ball that is why they thought this one would be more suitable than a bog standard terrace as it could be extended and have value added to it.

Are they working in Manchester City Centre? Or possibly likely to in the future?

Don't take this the wrong way. I've got my doubts at to whether extensions and loft conversions would create significant extra value on a property like that.

The run of bungalows seem to me, and from hints by the EA, orientated towards older people.... thus maybe why the EA wasn't enthusiastic about the viewing to your son and his gf ?

motherofstudents wrote: »

Next door and house further up both have loft conversions with a dormer and the pitch of the roof should be ok, they have 2 bedrooms up there.

OK so they exist on that run, but my bet would be the majority of bungalows in that row, and elsewhere on the estate around the corner, have not been developed. 2 beds fine for the majority of people who are living in, or want that sort of property.

I know this much; two older people I know have since 2007 been trying to sell their 3-bed retirement flat. Well it might not be "retirement complex" as such, but all the apartments are inhabited by older people.

They are asking way too much money for it (imo) - but seemingly a massive chunk of what they are asking is because it has a 3rd bedroom.... whereas the 2 bed apartments in the same building have been going up for considerably less of an asking price and getting some interest and the occasional sale. Also one other 3-bed retirement apartment in the same complex has also been on the market since 2008 and still not a bite.

Maybe I'm wrong but in that 3 years time, when you think son and gf will be readying to trade up.... can you see the EA at the time reversing on their position now and saying this house/area is great for FTBs... given it's situated in what looks like a run/estate of bungalows suited for older people.

I just think when they come to sell.. fewer people in the market for a that sort of property will want or need the 3rd bedroom.

A larger home is not always a more desirable home. Personally I think the standard bungalow will be most in demand, and danger of any not adding value, or even getting back the spend.

motherofstudents

I do see where you are coming from Dopester and you have a valid point. I have heard that with bungalows aimed at older people it is better to spend on getting a high level finish rather than extra space and maybe they will do that. It is just possibilities at the moment. There are a few with extra bedrooms in the loft so maybe it would be reasonable to do, maybe not. It's all academic until they actually get it. They are in a very fortunate position with my son's job that he can call on contractors (he gets them £££££'s of work so they in return will do him favours) and I don't mean anything illegal btw ! but he would be able to do jobs that would otherwise be extremely expensive. He has got on to the EA and said if they want them to up the offer they will pull out as there are plenty of other houses so for now it is going ahead at what they offered. We will wait and see now to see what the mortgage valuation will be. They definitely want it as a home and not an investment but I will mention what you have said to him as it does make a lot of sense thanks.....house buying/selling....it's so much fun.

vegasvisitor

He's in a very fotunate position to be able to call in favours for help. Will save money and also hard work too!

Hope it all works out for them.

bdl1brick

Congrats on agreeing price! I'm sure getting the charities to agree will just be a formality. There can be delays with paperwork etc when buying on an executors sale even without charities involved so you may have to wait a little for things to go through so don't expect a speedy completion.

Good luck to your son!

mineallmine

Hia,

I don't think it is just charities that seek to obtain the market value. The Inland Revenue chased up a friend who had inherited a wreck of a house - accusing him of under-selling. So there are several fingers in this pie probably.

For me, every time a house sale got really complicated, something better seem to come along. So I'm sure there are plenty of other good, or even better, 'fish' in the sea.

Hope everything works out.

dopester

Number 25, as per the Rightmove page.

http://www.rightmove.co.uk/property-for-sale/property-15163341.html

It sold for £106,000 in the end.

http://www.houseprices.co.uk/e.php?q=BL8+2LN